- The S&P 500 and Nasdaq Composite Index again hit new highs.
- Tesla shareholders supported CEO Elon Musk’s huge compensation package.
- Adobe shares soared after the company reported better-than-expected profits.
Here are five important things investors should know before starting the trading day.
The S&P 500 and Nasdaq Composite Index both hit record highs for the fourth straight day on Thursday. The S&P rose 0.23% and the Nasdaq added 0.34%. Following this week’s pattern, the Dow Jones Industrial Average missed expectations, falling 65.11 points, or 0.17%. Beyond the Dow, the market was lifted by other data showing signs that inflationary pressures are easing. The Producer Price Index, which measures wholesale inflation, unexpectedly fell 0.2% month-on-month in May. Follow live market updates:
This illustrated image, created in Los Angeles on June 12, 2024, shows South African businessman Elon Musk launching his campaign in front of a picture of himself projected on a screen ahead of a Tesla shareholder meeting. The electric car maker continued its campaign to win a last-minute vote ahead of a June 13 shareholders’ meeting that will see CEO Elon Musk’s huge compensation package being discussed.
Chris Delmas | AFP | Getty Images
Tesla shareholders voted to approve CEO Elon Musk’s huge 2018 compensation plan, five months after a Delaware court ordered the company to repeal it. The court said the compensation package, previously worth $56 billion in Tesla stock, was improperly granted by the board of directors. The vote at the company’s annual shareholder meeting on Thursday doesn’t supersede the court’s ruling, but it’s a victory for Musk and could help in future litigation. Musk also spoke about working toward Tesla’s vision for self-driving cars, Cybertruck deliveries and the company’s Optimus humanoid robot.
Stellantis CEO Carlos Tavares spoke to media following an investor briefing at the company’s North American headquarters in Auburn Hills, Michigan on June 13, 2024.
Michael Weiland / CNBC
Stellantis CEO Carlos Tavares said the Jeep maker is working to correct an “arrogant” mistake in the U.S. market that led to declining sales, bloated inventories and investor concerns. He said Thursday after the company’s investor briefing that Stellantis faces three problems: not selling off enough vehicle inventory, manufacturing issues and a lack of “sophistication in how we go to market.” Executives unveiled plans to meet ambitious financial targets despite industry and economic uncertainty. Tavares also said the company has achieved 8.4 billion euros ($9 billion) in cost savings since the company was created through a merger in January 2021.
A sign is displayed outside Adobe’s offices in San Francisco on Dec. 13, 2023.
Justin Sullivan | Getty Images
Adobe shares rose nearly 15% in premarket trading after the company reported better-than-expected second-quarter earnings. The design software maker reported profits and revenue that beat analysts’ expectations and raised its full-year outlook. Adobe’s revenue rose 10% year-over-year. David Wadhwani, president of Adobe’s digital media business, said on a conference call with analysts that the company is banking on adoption of its cloud space, innovation and artificial intelligence capabilities.
Kansas City Chiefs tight end Travis Kelce (87) scores a touchdown during the first quarter of a game against the Tampa Bay Buccaneers on Oct. 2, 2022, at Raymond James Stadium.
Kim Clement | USA Today Sports | Reuters
Netflix is ​​looking for partners to help it with its first major foray into live sports. As CNBC’s Lillian Rizzo and Alex Sherman report, the streaming company is reaching out to broadcasters including Disney’s ESPN, Comcast’s NBCUniversal and Paramount Global’s CBS Sports to help produce NFL games to air this Christmas. But Netflix’s options may be limited: Fox and CBS are already producing games in various territories and could be hard pressed to take on more, sources said. Plus, some may be hesitant to work with Netflix because they see it as a competitor that could displace traditional media companies. (Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
—CNBC’s Lisa Kailai Han, Jordan Novett, Laura Kolodny, Ali Levy, Michael Weiland, Lillian Rizzo and Alex Sherman contributed to this report.
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